Marissa and Bryan knew it was time to move – out of mom’s house, that is. This young, newly-engaged couple were determined to carry their own mortgage, but also stay in the neighbourhood they loved, and that wasn’t going to happen without an income suite to help pay the bills. A termite scare and a major mold issue threatened to max out their reno budget – or even worse – force them to start their married lives together rooming next to mom.
Design Theme: Luxe Sophistication
Purchase Price: $620,000
Realtor Appraisal: $750,000
Increased Property Value: $130,000
Chosen Renovation Option: $55,000 – Main floor plus basement renovation. Estimated rental income $1600 for main floor plus basement and $1800 for existing top floor unit.
Alternate Renovation Option: $40,000 – Main floor renovation. Estimated rental income $1400 for main floor and $1800 for existing top floor unit.
Estimated Monthly Rental Income: $2,000